Loantap is an online platform committed to deliver flexible loan products to salaried professionals. They have tried to innovate in an otherwise dull loan segment, to deliver smart products for millennials. The idea is to use technology for building flexibility in products, without adding cost to it. EMI Free Loan & Personal Overdraft are a few initiatives in partnership with reputed NBFCs, registered with RBI.
As per the latest development, Mumbai-based FinTech startup LoanTap has raised $3 million in Series A funding round which was led by HNI’s Dr. Abhishek Pandey and Jaysukh Sapra.
LoanTap was launched in early 2016 by Satyam Kumar and Vikas Kumar. It follows an agency-based collection model and allows professionals to make flexible single and bulk payments in a cost-effective way. Through LoanTap, one can avail from a list of products from regular EMI-based loans, to EMI free loans, to personal line of credit. Borrowers can also choose custom-made loan products like overdraft facility, credit card takeover loans, rental security deposit loans, advance salary loans, and consumer durable loans.
The funds that have been raised in this round of funding will be utilised towards expansion of its operations in NCR, Mumbai Metropolitan Region, Pune and Bengaluru. Part of the funds will also be utilised to create end-user specific products and deliver them directly to retail customers by augmenting its technology and distribution frameworks.